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Thursday, 8 December 2016

UAE regulator clamps down on savings, investment and insurance policy sales practices after ‘alarming amount of complaints’ | The National

UAE regulator clamps down on savings, investment and insurance policy sales practices after ‘alarming amount of complaints’ | The National:
"The UAE Insurance Authority (IA) plans to introduce tough regulations to fundamentally change the way savings, investment and life insurance policies are sold, in response to "an alarming amount of complaints" from policyholders.

Sales advisors will be obliged to provide customers with a detailed schedule of fees and commissions for the entirety of an insurance policy’s life cycle, with a mandatory option to cancel a policy within 20 days of purchase.


The proposed new regulations propose a maximum commission of 4.5 per cent for savings products, while commissions paid up-front based on the full value of an insurance policy, known as an indemnity commission, will be prohibited."

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